Citi Upgrades Yeti Holdings Inc. (YETI) to Buy
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Citi analyst Wendy Nicholson upgraded Yeti Holdings Inc. (NYSE: YETI) from Neutral to Buy with a price target of $91.00 (from $85.00).
The analyst commented, "YETI had a great 2020 – with sales +20% YoY and EPS +75%. Consequently, the stock doubled during the year. With this as a backdrop, we downgraded the stock last month based on our belief that it seemed fully valued given the likely deceleration we would see in growth going forward. While we still expect YETI’s growth to slow from COVID-fueled levels, the company’s 2021 15%-17% sales growth outlook is stronger than we had expected. And, we believe the company’s announcement today that it will expand in a bigger way into the luggage category leads us to believe that YETI’s top line growth could be stronger for longer than we had previously believed. Coupled with the fact that the stock is now 10% lower in recent days, we are back to believing there exists real upside for this stock. As such, we are upgrading the stock to Buy."
Shares of Yeti Holdings Inc. closed at $71.78 yesterday.
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